Saturday, January 21, 2012

Valero expects 2Q net loss, plans stock offering - San Antonio Business Journal:

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The company also indicated that it is consideringy an offering of 40 million shares ofcommonm stock. Valero’s (NYSE: VLO) seconds quarter 2009 results, which will end June 30, have been impacterd by an extended downtime at its Delaware City and McKe refineries and a continuation of weak sour crude oil discountws and lowereddiesel margins. Over the past threes months, Valero has acquired sevenb ethanol plants and a site currently under developmentfrom VSUNQ) for $477 million, excluding workinb capital. Valero also previously agreed tobuy ’ds (NYSE: DOW) 45 percent ownership interest in Total Raffinaderiji Nederland N.V. for $600 million, excludingy working capital.
The company expectsx its total capital expenditures in 2009 tobe $2.5 of which $1 billion is for strategic projects. “Including the two acquisitions and our strategicfcapital projects, we expect to invest roughly $2 billion in growth investmentws this year,” Valero Chairman and CEO Bill Klessre says. “Combining the $1 billion debt issuance in Marchu with the 40 million common share offerinyannounced today, we are able to continue to make strategic investments, while maintaining our strong balancer sheet.
” Valero owns and operates 16 oil refineriess throughout the United States, Canadaa and the Caribbean with a combined throughput capacit of 3 million barrels per day. Valero also owns sevej ethanol plants in the Midwest with a combinedd capacity of 780 million gallonssper year. Valero also has a network of 5,800 wholesal and retail gas outlets.

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